First Time Home Buying

Posted by Ben Haugan on Friday, May 18th, 2018 at 12:45pm.

Buying your first home can be one of the biggest decisions and also one of the most important investments of your life. To many this is a huge step in venturing out into your young adult life and making the right step towards getting a solid foundation setup underneath you for your future. Others may just getting to that point in their life where buying just makes the most sense to buy.

Some often wonder where to begin and what steps they can make to help start the process of buying a home.  There are quite a few things you can do to get the ball rolling that will help your home buying process go as smooth as possible.

One of the first questions we ask when talking with clients is if they have been pre-approved and have the letter on file. This is something that is essential when finding the right home and making an offer. In this market, homes move quickly and you need to be ready to make an offer so you don’t miss out on a good opportunity.

These three simple steps will help get you started in the right direction.

First off.. Before you go diving into the housing market, one of the most important questions you need to ask yourself is:

  •       What is my budget and what makes the most financial sense within my salary?

Knowing your income and planning out your bills ahead of time will help set a price point that is affordable for you without a bunch of unexpected hidden costs.

Second, talk with a few different lenders about the different options you have and what type of loan will work best for you. 

  •       FHA, Conventional, or VA
  •       15yr loan vs. 30yr loan
  •       Down payments
  •       Credit
  •       First Time Homebuyer Programs, etc.

Your credit score is extremely important. This will affect your interest rate throughout the life of your loan. Getting the lowest interest rate is essential and plays a huge part in how much interest you pay over the life of your loan.

  •       Experian, Equifax, and Trans Union.
  •       Credit Karma, Credit Sesame, etc.

Third is getting pre-approved!

Once you find a lender you like and works well with you, the next step would be getting pre-approved. Now you’re ready to start getting serious about finding a home!

  •       Approval letter
  •       Finding the right agent.  
  •       Putting down an offer and buying your first home!

Good Luck and Happy Home Searching!!   

Please feel free to call or email any question! If you would like to talk to lenders we work with, I have a few different lenders that are great to work with and help get you into your first Home!! 

Ben Haugan -  406.548.7480

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